Proposal to lower credit card fees might limit consumers' card options

Breakdown

• A proposed settlement with Visa and MasterCard would reduce credit card swipe fees by 0.1% over five years. 1m 21s
• The National Retail Federation criticizes the settlement as inadequate, noting swipe fee rates have tripled in five years. 1m 29s
• Retailers may be allowed to reject certain high-reward credit cards with higher fees, potentially limiting consumer payment options. 1m 52s
• The settlement requires judicial approval, with a decision expected by the end of September; similar proposals have been denied in the past. 2m 15s
• If approved, further details may not be resolved until fall 2026, and consumers are advised not to expect immediate changes. 3m 17s